First Resource Bank in Exton, Pa., has received federal regulatory approval to exit the Small Business Lending Fund program.
The $199 million-asset company plans to redeem $1.3 million of preferred shares by the middle of March, after obtaining approval from the Federal Deposit Insurance Corp., according to a Thursday news release. First Resource still must receive approval from the Pennsylvania Department of Banking and Securities.
The goal is to exit before the SBLF dividend increases to 9% from 1%, Chief Executive Glenn Marshall said in the release.
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Horizon Bancorp in Michigan City, Ind., has exited the Small Business Lending Fund program.
February 2 -
AmeriServ Financial in Johnstown, Pa., and Provident Bancorp in Amesbury, Mass., are the latest community banks to announce plans to exit the Small Business Lending Fund.
January 4 -
Codorus Valley Bancorp in York, Pa., plans to sell $30 million of stock to fund its exit from the Small Business Lending Fund program.
December 7
First Resource